The Federation of Indian Export Organisation (FIEO) representing various industries, has appealed to the Tamil Nadu government to set up a Textile Promotion Board and also formulate a new textile policy. The textile industry is fully dependent on the overseas market and a Textile Export Promotion Board should be formed with an objective to provide better linkage facilities and for marketing of finished products, FIEO regional chairman A Sakthivel said. The textile industry is one of the oldest in the country and accounts for four per cent of the GDP (Gross Domestic Product). The trade employs nearly 35 million people and offers huge potential, he said in a statement here. Stating that the United States and Europe constituted the major market for textiles, he said today India faces serious challenges from Bangladesh, Sri Lanka and Vietnam. Urging the state government to announce a new textile policy to help boost trade, he said a textile park in Tamil Nadu may be set up. Sakthivel said Tamil Nadu textile industry generates business to the tune of Rs 50,000 crore every year and it was expected to reach Rs 75,000 crore by 2020.\u00a0"With proper policy direction from the government, the state can become a top textile producer and exporter".